Eco 201 exam 3 - Study guides, Class notes & Summaries

ECO 201 Exam 3 QUIZ (100 OUT OF 100) Questions with Verified Answers.

accounting total cost Answer explicit costs only economic total cost Answer accounting total cost + implicit costs economic total cost is opportunity cost accounting profit = Answer total revenue - accounting total costs economic profit = Answer total revenue - economic total costs when economic profit = 0 Answer normal economic profit; means that the firm is doing as well as it could in it's next best alternative economic profit > 0 Answer firm's owner is doing better tha...

ECO 201 Exam 3 Questions And Answers What are the assumptions underlying perfectly competitive markets? - ANS 1. Large number of buyers and sellers 2. Identical products 3. Easy entry and exit 4. Perfect information (buyers know price of all sellers) If marginal cost begins below average cost and is everywhere increasing, what is true about the shape of the average cost cover? - ANS Average cost intersects marginal cost at its lowest point possible. Marginal Revenue (MR) - ANS ...

ECO 201 Miami University Exam 3 Questions with Verified Answers (GRADED A)

ECO 201 Exam 3 QUIZ (100 OUT OF 100) Questions with Verified Answers.

ECO 201 - Exam 3 Review Questions And Answers sales tax tax on seller (we often times end up paying it but it is the businesses on whom that tax falls) two types of sales tax ad valorem and per unit B example of per unit sales tax gasoline (a tax per gallon) adding tax (inc or dec) the cost of the producer? increases what parts of graph are sales tax revenue? B + D what group is affected by sales tax? loss of welfare is on producers AND consumers tax revenue are made up of b...

ECO 201 Miami University Exam 3 Questions And Answers accounting total cost - ANS explicit costs only economic total cost - ANS accounting total cost + implicit costs economic total cost is opportunity cost accounting profit = - ANS total revenue - accounting total costs economic profit = - ANS total revenue - economic total costs when economic profit = 0 - ANS normal economic profit; means that the firm is doing as well as it could in it's next best alt...

ECO 201 Miami University Exam 3

ECO 201 Miami University Exam 3 Questions with Verified Answers (GRADED A).

ECO 201 Miami University Exam 3 Questions with Verified Answers (GRADED A).